Pyramid planning channel expansion after securing $120m in funding round

The firm says its $120 war chest will be invested in achieving its goal of becoming 'the next enterprise analytics leader'

Pyramid Analytics is set to increase its channel partnerships after raising $120m in a series E funding round.

The decision intelligence platform provider says the funds will be strategically invested to drive its goal to become "the next enterprise analytics leader".

With the funding, Pyramid says it is looking for new channel partnerships with independent software vendors (ISV), consulting firms, value-added resellers (VAR) and systems integrators (SI).

It will also allocate funds to the development of its business analytics software and enhancing customer experience.

Speaking about the funding round, Pyramid CEO Omri Kohl said: "This milestone is a testament to the intellect and hard work of our employees across the globe, commitment of our partners, and trust and advocacy of our customers.

"All elements are in place to speed Pyramid down the path to being the next enterprise analytics leader."

The funding round was led by H.I.G.Growth Partners with the participation of Clal Insurance Enterprises Holdings, Kingfisher Capital, and General Oriental Investments.

Early investors who participated in this new round include JVP, Maor Investments, Sequoia Capital, and Viola Growth.

Pyramid will use the funding to also expand the company's geographic presence and capture a larger share of the total addressable market for analytics.

Kohl added: "I am gratified and humbled by the confidence some of the world's best technology investors have exhibited in Pyramid; the technology, company, and people.

"Overwhelming interest from the venture capital community underscores the importance of the problems we help our customers solve and the innovations we introduced to help enterprises in ways BI tools and legacy analytics could not."

Scott Hilleboe, co-head at H.I.G. Growth Partners, added: "H.I.G. partners with industry-leading companies to drive transformative change. Pyramid is a model of transformation. The Pyramid Decision Intelligence Platform upended analytics and business intelligence (ABI) by redefining what's possible when the power of data insights is available to everyone.

"H.I.G. is excited to partner with Pyramid in their next stage of growth. Pyramid drives exceptional ROI to customers by empowering them to make faster, more intelligent decisions leveraging advanced analytics and data insights. I'm thrilled to join the Board of Directors and to collaborate with an exceptional leadership team who have brought a truly innovative, differentiated technology to market."